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RAPAPORT... Peregrine Diamonds Ltd. arranged a non-brokered private placement of 4,616,222 common shares at a price of 65 cents per share for gross proceeds of $3 million. The common shares that were issued under the placement will be sold on a flow-through basis, pursuant to the Income Tax Act (of Canada) and purchased by institutional investors. A cash fee equal to 6 percent of the gross proceeds will be paid as a finder's fee to Secutor Capital Management Corporation. Proceeds from the placement will be used for Peregrine's mineral exploration projects in Canada, including Chidliak. News of the private placement sent shares up nearly 8 percent in Toronto as of the noon hour. Peregrine's shares are up 43 percent year on year at 56 cents.
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